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<br />84 - 005900
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<br />Huflman and Felton & WOll, Walton, Ne. 68461
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<br />DEED OF TRUST
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<br />THIS DEED OF TRUST, is made as of the ~_. day of ...--:''''ovember , 19~ by and among
<br />Park Gard.,ns Development, Inc. ("Trustor"), whose mailing address is
<br />
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<br />1';. G. Blackburn ("Trustee"), whose mailing addres:.l is
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<br />P,O. Box 2280, Grand Island, NE 68801
<br />and Five Points Bank ("Beneficiary") whos" mailing address ~
<br />P,O. Box 1507, Grand Island, NE 68802
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<br />FOR VALUABLE CONSIDERATION, Trustor iITevocably transfers, conveys and assigns to Trustee, IN
<br />TRUST. WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms
<br />audoo~Q{this Deed of Trust, the real property located in the City of Grand Island . County of
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<br />"'S":01" H~~ ~k Ga r de~;,a~eot o~7frm'i~1l~~IYi ~~e~fl:8/o!~wG'r~~lij "~<i~':ll~H,~~ugeY~~E
<br />. TOGEnIER WITH, all rents, easements, appurtenances, hereditaments, mterests In adjOlrung,roads,
<br />8tnleta and alleys, improvements and buildings of any kind situated thereon and all personal property that may
<br />be or hereafter become an integral part of such buildings and improvements, all crops raised thereon, and all
<br />water righte,
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<br />'J}...e ~ !I.nd the entire eatate and interest oonveyed to the Trustee are referred to collectively lI8the
<br />"TruIt EUte",
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<br />FOR THE PURPI),'-a; (,,' SECURJW"
<br />
<br />a. Paymeniofindebtnelils in thet<>t,a} "'i-mcip"! ,'"o\lnto[$ 120000. !-With interest thereon) as evidenced by
<br />thatcetiainpronUa.lry note of even date (the "Note") with a maturity date of May 7. 198:> . ,executed
<br />by Tn18ior, which has been delivered and is payable to the order of Beneficiary, and which byt.his.reference is
<br />hereby made a part hereof. and any and all modificati:>ns, extensions and renewals thereof, and
<br />b. Payment of all SUDIJI advanced by Beneficiary to protect the Trust E~ with intereHt thereon at the
<br />rate of ..1.itL percent (lJiL%) per annum.
<br />
<br />Thill Deed of Trust, the Note, and any other instrument given to evidence or further secure the payment and
<br />perfonnance of any obligation secured hereby are referred to collectively as the "Loan Instruments",
<br />
<br />TO PR<YrECT THE SECURITY OF THIS DIDJW OF TRUST:
<br />
<br />1. PAYMENT OF INDEBTEDNESS. Trustor shall pay wh~n due the principal of, and the interest oa.the
<br />indebtc'Cln.... evidenced by the Note, chal'lles, fees and all other sums as provided in the Loan Illstrume"tB,
<br />
<br />2. 'rAXES. Tru.torehallpay each installment of all tax"" and spt!cial asse...ments of every kind, now or hereafter
<br />levied ",ainat the 1'ru.t Estate or any part thereof, beforedehn'luency, without notice or demand, and shall provide
<br />BeIlefidary with evidence ofthe payment of 8ame, TrWltor shall pay all tax... and assellllments which may be levied
<br />upon Beneficiary's in_t herein or upon this Deed of Trust or the debt s"",ured hereby, without regard to any law the~
<br />may bt. enacted impoainlf payment of the whole or any part thereof upl'n the Beneficiary,
<br />
<br />3, INSURANCE AND REP AlRS, Trustor shall maintain fire "nd not extended covefllge insurnnl" inauring the
<br />iwp;:ov;menta :.=d. bLlih!~s ro~!itUt!!!1 p.art of the TruJ:it Etltal.~ for an amount no less than the amount of the
<br />unpaid p.rincipal bala.nce of the Note (co--inMura.nce not ~xcCt:din" liO% fX!rmitted). Such imu.ltan(.'e puiicy Mhall c-viiUiin
<br />.ataJulard mort&qe claue in Cavor of BeneficilU'Y and ahall not bel",nc"llable, t"rminable or modifiable without ten
<br />(10) d&,va prior written notice to Beneficiary. Truiltor shall promptly repair, maintain llnd repiace the Trust Estataor
<br />a..uy part t..'te.~! =- th~t, ~xcevt !(;!!" ~rili!l~ry wear and tear. the Trust Estate tihtdl not deteriorate. In no event shall the
<br />Truato., commit waste on or to the Trust Mtate.
<br />
<br />., ACTIONS AFFECTING TRUST ES'lATE, Trustor shall appt!ar in and contest any aCUon or proceo;,.uing
<br />pu.rportiq to affect &.he tl8Curity hm-euf or tbe ri"hu. or Imwt'-r~ {Jf Benenciary or Tru.tSt~, una .ha!! pay nil cut;!.s and
<br />expena... includina cost of eVidence uftitJe and attorney's f""s, III any such action or pruceeding i,n which Bcncfidary
<br />or TJuatee may appear, Should Trustor fail to make any payment or to do llny act as and in the lllanner provided in
<br />lUl.Y of the Loan Inatrumenw, Beneficiary and/or Trustee, each in its uwn discretion, withuut obligutioll au to do and
<br />withou.t notice to 01' demand upon Trustor and without reii:!a6inK TtUriwi frun, any ~blig:atiun. !n!!Y m!l;k~ur do the
<br />_ in "u('h manner and to "uch extent as either may deem ne,'es.,,,y tu protect tllt' security hereuf. Trustor ahall,
<br />immecliate1y upon detnand th<trefor by Beneficiary, pay all costs and expensea incurred by Beneficiary in connection
<br />wilh the exerciM by beneficiary of the foregoing rights, including without limitationlostB of evidence of title, court
<br />COlI&e, ..ppc.u.ale. survey. and attorney's fee.., Any Buch eoau; and expensea not paid within wn (10) days of written
<br />cIamaod &hall draw inu.r.t at the default raw provided in the Note,
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<br />5. EMINENT DOMAIN, Should the T'nutt F...t.ate, or any part thereof' or interetlt therein, be taken or damaged by
<br />~ of any public improvement or oondemnation proceeding, or in any other manner indudinl( deo>d in lieu of Cond"m,
<br />ndoD ("Condemnation''), or aOOuld Truator reci~ any notke or other information regarding such proc""'/inK, Trustor shall
<br />lJiw prompt written notice thereof to Beneficiary, Beneficiary "hall be entitled to aU com""nution, awards and other pay.
<br />~!'!! !.1!'~~; ~ ahall beenti.tled at itll otJtion tH f..~tJllllen('t\ appear in and pr~~ute in its uwn flame any .action
<br />-.llV- -+~:=r ~~-y:t-..:ill a~ b!! ~t!!!!'d to ffI.Elke -any cunlprunUHe or ~ttieD\ent in {.'Onnl'CUUli wi~h 5~ch tcikin.. M
<br />...... AilIllCb compeaaation. awarda, damagea, rights of adiun and procoodolawarded to Trustor (the "Proceeds"; a.re
<br />~ alIIIiped to Beoeficiary and 'l'rwn.or agtell8 to eXOC"llte auch further """ignmenw of the Pro..'tleda aa Beneficia~y ur
<br />'I'NIW may nqllinl.
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<br />6, APPOINTMENT OF SUCCi-:;880R TRU::;T~;K H,'neIlClMY Illav, from time to time, bv Ii wntt>." lnstrUIll,mt
<br />Gecuied and acknuwLedaed by Beneficiary, mailed tu Tr-u.stor tlnd H{~'o-n.ieJ HI tht> Count.y In wl;lt'h tlw TrU~1 E~tult. is
<br />locaAd..nd by otberwiae complyinff with the provilliona of the aPI,bcabl,'lHw of the Stal<' or Nchruska aubslltuk a .u"'....''''''"
<br />Of _ to the 'l'rwIcI:e n..-i herein or sl'tinll hereund~r,
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<br />7, SUCCESSORS AND ASS10NS. Thia L)eod of'l'rwit uppl..." It), Imife. lu the benelit 01 unolund. all parties hereh',
<br />'* habl., ~ ~ ~ re~tative;;, au<>.~o; and "...iKlUI. The term "B~nell,"tify' .huH Il\t'Ull th,.
<br />_ and hold. ()( the NoI4I. whetbft or not named .... l:leneliciury herem
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<br />8. IN8PEi..,'"1'10N8. Uene6ciary~ or jte aa-enta. repreBentu{tVt~ hr workmen. Hn.~ uUthUf1/A-'f! to ellkr at ulJ\ n'illiun<ibh~
<br />lime lI;~ <JIl in llllJ' f"'I't of the 1'rusl EatAtc fur the PlUp<_ ,,[ inol'<,<'tmg lhe .ame ,,,,.1 lor th~ pun""'" vf p,'rf,..;nullll ,my of
<br />!.bit..,.. u. Ul alitbol'iud kI perfonn under the 1Amn. of any o( t1w Loan I ".ttun",,,,,,,
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<br />9.. EVENTS OF OKFAUI.T Any of the fllJk>"~n!l: eV,"llts uh;tJ1 h.. d''''~fl>.,j an '''e"t of ,j,'laull 1.1"""",,6.'r
<br />ta) ~-.h.u h.vefa.iJ<<i to make paYmflnt u( any in<<talhrwnt vt Ultt'fffit,. Pf;~l{'-t~Mtl. 01' prinC1ptll anl11nb're-~t '1;- (tn\'
<br />~ - _red h....,by ..h.", due, vI' .
<br />tb-) 1"hw. h... (,l(:'(~. brewKtl of of d,,-fR-u~t UJlt!t-r nn)' ~rrn,{~:I1'd+nant ailft'li'?"mt'nt.{'nn~htHiH ptll\."tS.WH. n-p""I'M'otHtil:n
<br />UI' "'_""'Y '"'.nw...... .... any of tjw L<>lU1 11......,,_...... '
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